Acceptance by directors of shares awarded EMIRA PROPERTY FUND LIMITED Incorporated in the Republic of South Africa (Registration number 2014/130842/06) JSE share code: EMI ISIN: ZAE000203063 (Approved as a REIT by the JSE) (“Emira” or “the Company”) ACCEPTANCE BY DIRECTORS OF SHARES AWARDED In compliance with paragraph 3.63 of the Listings Requirements of the JSE Limited, the following information is disclosed in respect of the acceptance by directors of the Company of shares awarded in terms of the Emira Forfeitable Share Plan (“Emira FSP”): Name of director: G Jennett Date of acceptance: 21 December 2017 Number of shares accepted: 147 900 Issue price: Rnil (Free of charge) Notional value of transaction (based R1 998 129.00 on an implied price of R13.51 per share, being the closing price on 20 December 2017): Nature of transaction: Off-market acceptance of shares awarded in terms of the Emira FSP, which shares will vest on the satisfaction of certain conditions as set out in the Emira FSP Vesting dates: The shares will vest in equal tranches on 15 October 2020, 15 October 2021 and 15 October 2022, respectively Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Name of director: G Booyens Date of acceptance: 21 December 2017 Number of shares accepted: 114 100 Issue price: Rnil (Free of charge) Notional value of transaction (based R1 541 491.00 on an implied price of R13.51 per share, being the closing price on 20 December 2017): Nature of transaction: Off-market acceptance of shares awarded in terms of the Emira FSP, which shares will vest on the satisfaction of certain conditions as set out in the Emira FSP Vesting dates: The shares will vest in equal tranches on 15 October 2020, 15 October 2021 and 15 October 2022, respectively Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Name of director: U van Biljon Date of acceptance: 21 December 2017 Number of shares accepted: 124 800 Issue price: Rnil (Free of charge) Notional value of transaction (based R1 686 048.00 on an implied price of R13.51 per share, being the closing price on 20 December 2017): Nature of transaction: Off-market acceptance of shares awarded in terms of the Emira FSP, which shares will vest on the satisfaction of certain conditions as set out in the Emira FSP Vesting dates: The shares will vest in equal tranches on 15 October 2020, 15 October 2021 and 15 October 2022, respectively Class of securities: Ordinary shares Type of interest: Direct beneficial Clearance to deal obtained: Yes Bryanston 21 December 2017 Sponsor Rand Merchant Bank (A division of First Rand Bank Limited) Date: 21/12/2017 02:09:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.